Insurance Disclosure

Strata Management Group Pty Ltd (SMG) has an equity partnership with Coverforce SMG, from which SMG receives a share of the broking revenue (insurance commission, broking fee, or a combination of both). This payment constitutes a maximum of 26% (typically up to 20%) of the insurance premium, as outlined in the Insurance Renewal Report, in return for the management and processing of insurance renewals and claims through SMG.

All insurance commission remuneration is shared between Strata Management Group and the brokers (Coverforce SMG). This commission is not an additional charge on top of the scheme’s insurance premium, as broker fees and insurance commissions are standard components of all premiums across the industry.

It is important to note that the insurance commission paid to SMG for utilising one of our preferred brokers allows SMG to undertake all reasonable tasks associated with the insurance renewal and claims process at no extra service charge.

The breakdown of the insurance commission, presented in monetary terms, is accessible to all owners via the SMG Online Owners Portal within the Insurance Renewal Report and is also available upon request.

Coverforce SMG and SMG are committed to meeting the ‘Best Practice Standards’ for strata insurance disclosure to ensure transparency for our clients.

Manager Tasks Associated with Insurance Renewal and Claims Management

Community Relationship Managers play a crucial role in supporting bodies corporate by providing professional services via our expert knowledge in a complex legislative and regulatory environment. As the appointed managers of a scheme, we are obligated to act in the best interests of the owners.

In the event of an insurance claim, managers are often the first responders, coordinating access for assessments or repairs and ensuring the process runs smoothly for schemes without building managers or caretakers.

Value of having a Broker

An insurance broker:

–        help you to assess and manage your risks, and provide advice on insurance solutions appropriate for your needs;

–        help you to arrange, acquire and maintain insurance from multiple markets to ensure competitive options;

–        act as your advocate in settlement of any claim that may be made by you under your insurance; and

–         acts on your behalf as your agent, not on behalf of the insurers.

Insurance brokers offer you a variety of services, such as:

–        assistance with selecting and arranging appropriate, tailored insurance policies and packages;

–        detailed technical expertise including knowledge of insurance markets, prices, terms and conditions, benefits and pitfalls of the wide range of insurance policies available on the market;

–        assistance in interpreting, arranging and completing insurance documentation;

–        experience in predicting, managing and reducing risks;

–        experience and hands on assistance with managing and progressing claims and settlements; and

–        assistance with services related to insurance such as premium funding and risk management reviews.

Background on Coverforce Broker Experience

Coverforce is one of Australia’s largest Insurance Brokers. Coverforce has a wealth of experience in the design and implementation of insurance programmes and risk management strategies which it utilises for the benefit of its clients.

Since establishing in 1994, Coverforce has been recognised as a specialist provider of insurance to the property and construction sectors by some of the largest and most reputable developers, strata managers, real estate agents, property managers and builders across Australia.

Why Coverforce?

–        One of Australia’s most experienced brokers in placing and managing strata insurance;

–        Determined to source and obtain the best value cover for you every time;

–        Expert brokers and claims staff committed to servicing you;

–        Access to all national insurance markets;

–        Access to all international insurance markets; and

–        National presence means we are never too far away from you.

Coverforce also utilises an online platform called Wilbur, which allows your Body Corporate Manager, your Claims Manager and/or Claims Expert and other key members to submit claims and track all progress live minimise delays.